但是，在营收快速增长的同时，智谱华章的业务结构问题已经浮现。其以本地部署为营收支柱，近年云 端部署业务增速较快，不过，云端业务因竞争激烈导致单价下行，叠加算力服务费大涨，一年成本超过 15亿元，拖累毛利率显著下降，盈利能力削弱。 来源：新财富杂志 智谱华章拿下"全球大模型第一股"的桂冠，以发行估值计算，参与其三轮14次融资的投资机构可赚得平 均3.4倍的浮盈，包括美团、蚂蚁集团、腾讯投资等。上市后叠加股价上涨的乘数效应，投资机构获利 将水涨船高。 随着业务量放大，智谱华章亏损亦持续扩大，2024年亏损近30亿元。到2055年6月末，其负债攀升至 112.52亿元，净资产为-61.51亿元。上市融资43亿港元后，其债务压力将得以缓解，但仍需要持续输 血。造血拐点时刻的不明朗，是否会影响其后续估值？ 来源：市场资讯 市值579亿港元！全球大模型第一股智谱上市！雷军、徐新押中暴赚，美团浮盈5.7倍，蚂蚁、腾讯3 倍，但负债112亿敲响警钟 | 原创 2026年1月8日，港股迎来"全球大模型第一股"智谱华章（02513.HK）。其开盘后股价一度跌破发行 价，但很快拉升，最终收盘定格在131.5港元/股，收涨13.17 ...

从清华实验室到港股 AI 新贵，关注模型迭代 与生态飞轮 投资评级（暂无） | 项目[Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 124.54 | 312.41 | 785.00 | 1,550.00 | 3,219.00 | | 同比（%） | 116.93 | 150.86 | 151.27 | 97.45 | 107.68 | | 归母净利润(百万元) | -787.96 | -2,956.49 | -4,563.36 | -3,320.10 | -2,512.06 | | 同比（%） | -449.58 | -275.21 | -54.35 | 27.24 | 24.34 | | Non-GAAP 净利润（百万元） | -621.00 | -2,465.60 | -3,386.96 | -2,801.20 | -2,462.06 | | 同比（%） | -537.58 | -297.04 | -37.37 | 17.29 | 12.11 ...

12月30日，北京智谱华章科技股份有限公司（"智谱"）正式开始招股，预计2026年1月5日结束，并计划 于2026年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。 全球公开发售文件显示，智谱计划发行3741.95万股H股，其中香港公开发售187.1万股，国际发售 3554.85万股，发行价定在每股116.20港元，预计募资总额约43亿港元，IPO市值预计超511亿港元。 大模型催生新的创业风潮，但始终缺乏一个公开市场的估值锚点，估值依赖一级市场谈判。 这一次，AI创业公司智谱成功以"全球大模型第一股"（首家真正意义上以通用大模型为主营业务）登陆 资本市场，有观点认为，其核心价值在于填补空白，为行业提供了首个可量化的估值样本。 增长亏损 智谱是由清华大学计算机系知识工程实验室技术成果转化而来，是典型的"清华系"AI公司。其核心技术 路线是自主研发GLM（General Language Model）系列通用语言模型架构，形成覆盖语言、代码、多模 态及智能体的全栈模型矩阵，对标OpenAI的技术体系。 图片由AI生成 其核心代表产品是，GLM系列大模型（GLM-130B、GLM-4、GLM-4-Plu ...

机器之心编辑部 AI 大新闻，一桩接一桩。 早上刚传来 Manus 被 Meta 收购的消息，很快，围绕「全球大模型第一股」的竞速，也传来靴子落地的声响。 12 月 30 日，北京智谱华章科技股份有限公司（以下简称「智谱」）正式启动港股招股。招股期将持续至 2026 年 1 月 5 日，并计划于 2026 年 1 月 8 日以 股票代码 "2513" 在香港联交所主板挂牌上市。 根据招股安排，智谱拟进行全球发售 3741.95 万股 H 股，其中香港公开发售 187.1 万股 H 股，国际发售 3554.85 万股 H 股。 IPO 的定价与募资规模也随之揭晓 —— 每股发行价定为 116.20 港元。在扣除相关发行费用后，预计本次募资规模约 43 亿港元，对应的 IPO 市值预计将 超过 511 亿港元。 公开信息显示，智谱在私募市场的累计融资额已达 83.44 亿元，最新估值攀升至 243.77 亿元。这意味着，在迈向上市的关键一跃中，智谱的市值几乎实现 翻倍，如此幅度的「溢价上市」，也是一次难度不低的市场挑战。 基石投资者阵容同样颇为亮眼。公告显示，基石投资者合计拟认购 29.8 亿港元，占本次发行规模 ...

引言：浪起之时，为什么智谱必须上岸 2025年的中国大模型市场，像是一片退潮的海滩。 那些曾经高喊"颠覆一切"的创业者，如今开始盘点手里的现金流；那些热衷"讲故事"的资本方，也学会 了读财报。 浪依然在——但浪的方向，已经变了。 两年前，当ChatGPT点燃全球科技市场时，智谱AI是最早站上浪尖的公司之一。它背靠清华的科研体 系，推出了中国第一批可商用的大模型——GLM系列，一度被誉为"最像OpenAI的中国公司"。 短短两年，它从科研项目变成了被寄予厚望的独角兽，从"算法先锋"到"六小龙"之一，再到如今——中 国大模型第一家冲刺IPO的企业。 但故事的转折，往往发生在浪头最高的时候。 当智谱在资本市场"谋求上岸"，整个行业却依然在波动。 OpenAI、Anthropic、Mistral的生态飞轮已经进入商业收割期，而中国的大模型创业公司，还在亏损、 还在补贴、还在等待被证明。 智谱的困境，正是这个时代最真实的写照：它有技术、有融资、有品牌、有故事，却始终被一个问题追 问——"技术公司能否在商业化中活下来？" 上市，表面上是通往安全的彼岸；但对智谱而言，更像是一场不得不做的自救。 在那个算法为王的时代，智谱代 ...

Core Viewpoint - Both Zhipu and MiniMax, two AI model unicorns, have reportedly passed the Hong Kong Stock Exchange hearing, indicating their readiness for public listing [1][2]. Group 1: Zhipu Overview - Zhipu, established in 2019, is one of the "Six Little Tigers" in large models, having developed the GLM-130B bilingual pre-trained model and the ChatGLM dialogue model [4]. - The company has generated over 100 million RMB (approximately 14 million USD) in annual recurring revenue (ARR) from its software tools and model business [4]. - Zhipu aims for over 100% revenue growth by 2025 and is diversifying its revenue structure, targeting a 50% contribution from its API business [4]. - The API platform currently serves over 2.7 million paying customers, including major Chinese tech firms [4]. - In September, Zhipu launched an AI-driven coding tool subscription plan priced at 20 RMB per month, significantly lower than competitors [5]. - The company has completed 17 rounds of financing, with the latest round in July raising 1 billion RMB [5][6]. Group 2: MiniMax Overview - MiniMax, founded in 2021, has developed a series of multimodal general models, showcasing strong capabilities in code and agent functions [9]. - The MiniMax M2 model ranks among the top five globally on the Artificial Analysis (AA) leaderboard, establishing itself in the first tier of text models [10]. - MiniMax's investor base includes prominent firms such as Alibaba, Hillhouse Capital, and Tencent, with a recent C round financing in July raising nearly 300 million USD, leading to a valuation of 4 billion USD [10].

Core Insights - The company Zhiyu, one of the "AI Six Dragons," is facing layoffs ahead of its IPO, but it claims that these rumors are isolated incidents and that there are currently around 50 job openings available [1] - Zhiyu has submitted its listing guidance to the Beijing Securities Regulatory Bureau, with China International Capital Corporation as its advisory firm [1] - The company has recently posted job openings for various positions, including algorithm engineers, product managers, and sales roles, totaling 47 positions [1][7] Company Overview - Zhiyu, officially known as Beijing Zhiyu Huazhang Technology Co., Ltd., was established in 2019 and is headquartered in Beijing, originating from the technology transfer of Tsinghua University's Knowledge Engineering Laboratory [7] - The founding team includes notable figures such as Chief Scientist Tang Jie, Chairman Liu Debing, CEO Zhang Peng, and President Wang Shaolan, with Tang having previously served as a professor at Tsinghua University [7] Product Development - The company has developed a product matrix that includes AIGC models such as Zhiyu Qingyan, CodeGeeX, CogVLM, and CogView, and has launched a large model MaaS open platform [8] - On September 30, Zhiyu released and open-sourced its next-generation large model GLM-4.6, which reportedly achieved a 27% improvement in core capabilities compared to its predecessor GLM-4.5 [8] Financial Background - In March, Zhiyu completed a strategic financing round exceeding 1 billion RMB, with participation from various investment firms, indicating strong financial backing [8] - The company has completed over 10 rounds of financing, attracting investments from well-known institutions such as Meituan, Ant Group, Alibaba, Tencent, Xiaomi, and Sequoia [8] Industry Challenges - Domestic large model startups, including Zhiyu, are facing multiple challenges, including difficulties in transitioning technology from labs to real-world applications and low consumer willingness to pay [9] - The company must navigate pressures from larger tech giants like Baidu, Alibaba, and Huawei, which have advantages in data, scenarios, and funding [9] - Industry predictions suggest that only a few foundational large models will survive, emphasizing the need for Zhiyu to differentiate itself in technology and application [9]

Core Viewpoint - The company Zhiyu, one of the "AI Six Dragons," is facing rumors of layoffs before its IPO, but it claims to have nearly 50 job openings available, indicating ongoing recruitment efforts [2][12]. Company Overview - Zhiyu, officially known as Beijing Zhiyu Huazhang Technology Co., Ltd., was established in 2019 and is headquartered in Beijing. It is a leading player in the domestic large model sector and the first among the "AI Six Dragons" to apply for an IPO [12]. - The founding team includes notable figures such as Chief Scientist and Founder Tang Jie, Chairman Liu Debing, CEO Zhang Peng, and President Wang Shaolan, with backgrounds in Tsinghua University [12]. Recruitment and Job Openings - Zhiyu has recently announced 47 job openings across various categories, including algorithm engineers, engineering and development roles, product and design positions, and sales and solutions roles [2][12]. Financial Background - In March, Zhiyu completed a strategic financing round exceeding 1 billion RMB, with participation from several well-known investment firms, indicating strong financial backing [13]. - The company has completed over 10 rounds of financing, attracting investments from major players such as Meituan, Ant Group, Alibaba, Tencent, Xiaomi, and Sequoia [13]. Product Development - Zhiyu has developed a product matrix that includes AIGC models such as Zhiyu Qingyan, CodeGeeX, CogVLM, and CogView. Recently, it released and open-sourced a new generation large model, GLM-4.6, which reportedly shows a 27% improvement in core capabilities compared to its predecessor [13]. Industry Challenges - Domestic large model startups, including Zhiyu, are facing multiple challenges, such as the difficulty of transitioning models from laboratory settings to real-world applications, low consumer willingness to pay, and the pressure from larger tech companies like Baidu, Alibaba, and Huawei [14]. - The founder of Zero One Wanwu, Li Kaifu, predicts that only a few companies, including DeepSeek, Alibaba, and ByteDance, will remain in the competitive landscape of foundational large models [14].

Group 1 - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is considering moving its IPO plan from mainland China to Hong Kong, potentially raising around $300 million (approximately HKD 2.34 billion) [1] - Zhiyu is preparing for both Hong Kong and A-share listings, with a higher probability of an A-share listing [1] - The company is one of several Chinese startups attempting to compete globally with OpenAI [1] Group 2 - Zhiyu focuses on developing a new generation of cognitive intelligent large models, including the bilingual pre-trained model GLM-130B and the dialogue model ChatGLM [2] - The company has created a matrix of AIGC models and products, including AI efficiency assistant Zhiyu Qingyan, CodeGeeX, CogVLM, and CogView [2] - Zhiyu promotes a "Model as a Service" (MaaS) market concept, providing a platform for efficient and generalized AI development [2] Group 3 - Zhiyu has undergone several rounds of financing, with investors including Meituan, Ant Group, Alibaba, Tencent, Xiaomi, Sequoia, Hillhouse, and others [3]

作者｜ Stone Jin 微信公众号｜ipozaozhidao 第一家正式启动IPO流程的"大模型创业公司"。 本文为IPO早知道原创 据 IPO早知道消息， 北京智谱华章科技股份有限公司 （以下简称 " 智谱 "）于2025年3月31日同中 金公司签署辅导协议，正式启动 A 股 IPO进程。 这意味着，智谱成为 "大模型创业公司"中第一家正式启动上市流程的企业 。 成立于 2019年的智谱 致力于打造新一代认知智能大模型 。早在 2020年 年 底 ，智谱就研 发 了 GLM预训练架构， 并于 2021年训练完成百亿参数模型GLM-10B，同年利用MoE架构成功训练出收 敛的万亿稀疏模型，2022年研发了中英双语千亿级超大规模预训练模型GLM-130B并开源。2023 年，智谱推出千亿基座对话模型ChatGLM并两次升级，开源版本的ChatGLM-6B让大模型开发者的 本地微调和部署成为可能 。 2024年1月，智谱推出新一代基座大模型GLM-4，整体性能相比上一代大幅提升；6月开源GLM-4- 9B及视觉模型GLM-4V-9B，多模态能力媲美GPT-4V；7 月推出视频生成模型CogVideoX，推理速 ...